Argonaut Resources NL intersects wide high grade lithium in Canada
Date
9/29/2016 2:32:50 AM
(MENAFN- ProactiveInvestors - Australia)
Argonaut Resources NL (ASX:ARE) has intersected grades of up to 1.95% lithium oxide and widths of up to 24.4 metres in its latest drilling results from the Crescent Lake project in Ontario, Canada.
Final results from drilling at the Falcon Lake West deposit feature potentially economic intercepts from thick, spodumene bearing pegmatites.
Highlights include 24.4 metres at 1.45% lithium oxide.
The assays are from a six-hole program of diamond core drilling at the Falcon Lake West deposit completed in July targeting two pegmatite units.
A program of mapping to identify additional pegmatites is planned to commence in October.
Background
Argonaut is focused on fast-tracking the development of its three lithium assets.
The company currently has rights to two Canadian projects – Crescent Lake and Greenbush Lake.
It also owns 100% of the Lake Blanche lithium target in South Australia.
Drill results
The Crescent Lake pegmatite swarm is hosted within an east-west oriented greenstone belt.
Highlights from final analysis of the 2016 drilling program include:
- 24.4 metres at 1.48% lithium oxide from 10.9 metres including 9.0 metres at 1.95% lithium oxide; and
- 11 metres at 1.05% lithium oxide from 40.2 metres including 6 metres at 1.26% lithium oxide.
This follows assays from the first batch of samples, which featured an intercept of 21.7 metres at 1.09% lithium from 48 metres including 7.9 metres at 1.31% lithium.
This program confirmed that grades and thicknesses in the Falcon Lake area are potentially economic.
The area is well located, close to road and rail with nearby gas and electricity infrastructure.
Next steps
Argonaut has outlined regional target zones that warrant detailed exploration for undiscovered pegmatites.
The company will map these target zones with the aim of adding to the inventory of known lithium mineralisation at Crescent Lake.
Contingent drilling to define pegmatite thicknesses and grades is intended to follow this mapping program.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.